Oklahoma § 62-57.111 - Judicial approval of Series D Bonds

§ 62-57.111. Judicial approval of Series D Bonds

The Commission is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

the Series D Bonds, and exclusive original jurisdiction is hereby

conferred upon the Supreme Court to hear and determine each such

application. It shall be the duty of the Court to give such

applications precedence over the other business of the Court and to

consider and pass upon such applications and any protests which may

be filed thereto as speedily as possible. Notice of the hearing on

each application shall be given by notice published in a newspaper

of general circulation in the State that on a day named the

Commission will ask the Court to hear its application and approve

the bonds. Such notice shall inform all persons interested that

they may file protests against the issuance of the bonds and be

present at the hearing and contest the legality thereof. Such

notice shall be published one time not less than ten (10) days prior

to the date named for the hearing and the hearing may be adjourned

from time to time in the discretion of the Court. If the court

shall be satisfied that the bonds have been properly authorized in

accordance with this act and Section 37, Article X, of the

Constitution of Oklahoma, and that when issued they will constitute

valid obligations in accordance with their terms, the Court shall

render its written opinion approving the bonds and shall fix the

time within which a petition for rehearing may be filed. The

decision of the Court shall be a judicial determination of the

validity of the bonds, shall be conclusive as to the State of

Oklahoma, its officers, agents and instrumentalities, and thereafter

the bonds so approved and the revenues pledged to their payment

shall be incontestable in any court in the State of Oklahoma.

Laws 1968, c. 265, § 11, emerg. eff. April 29, 1968.